Police named the four other victims as Nursara ‘Sara’ Suknamai and Kaveporn Punpare, two members of Vichai’s staff, pilot Eric Swaffer and passenger Izabela Roza Lechowicz.
Nursara was best known as second runner-up and also Miss Photogenic at the Miss Thailand Universe 2005 competition.
Vichai, 60, the owner of Thailand’s King Power duty free empire, was a regular at matches who used to fly to and from home games.
A stream of fans already fearing the worst had laid out flowers, football scarves and Buddhist prayers outside the grounds after Saturday's accident in tribute to Vichai Srivaddhanaprabha -- the man they credit for an against-all-odds Premiership victory in 2016.
“The world has lost a great man,” the club said in a statement.
“Leicester City was a family under his leadership. It is as a family that we will grieve his passing and maintain the pursuit of a vision for the club that is now his legacy,” it said.
A book of condolence will be opened at the stadium from Tuesday and the team postponed its fixture against Southampton.
“Everyone at the Club has been truly touched by the remarkable response of the football family, whose thoughtful messages of support and solidarity have been deeply appreciated at this difficult time,” the statement said.
He and the four other victims boarded the blue chopper, which took off from the middle of the pitch once the stadium had emptied after Saturday's 1-1 draw with West Ham.
Eyewitnesses said the helicopter appeared to develop a mechanical problem in its rear rotor shortly after takeoff.
Images showed orange balls of flame engulfing the wreckage in the car park at King Power Stadium – the scene of unbridled jubilation after Leicester's Premier League victory two years ago.
Prayers and tributes poured in from across Britain from the footballing world and beyond for the jovial man many credit with bringing glory to the central English city with the miracle-making club.
“He’s put Leicester on the map,” said supporter Cathy Dann, 55.
“He’s made us big,” she said, as aviation experts picked through small pieces of wreckage scattered on the stadium’s edge.
Among the tributes was an image of Ganesh – a Hindu god also seen in Thai Buddhist temples.
A minute’s silence was observed before the whistle of Sunday’s Premier League matches.
“It is a family business and they have instilled this sense of family not just throughout the club but into the city as well,” Andrew Hulley, the team’s chaplain for the past seven years, told AFP.
England legend Gary Lineker, a former Leicester player who was hosting the BBC’s Match of the Day when the accident happened, tweeted: “That was the most difficult @BBCMOTD I’ve ever hosted... A terrible tragedy. Heartbreaking.”
And ordinary fans in central Bangkok said Vichai helped develop Thailand’s football as well, bringing the Southeast Asian country greater recognition in the sports world.
“He is an important person who has raised the bar of Thai football further,” Apichart Jitratkavee, a Leicester fan in the Thai capital, told AFP.
Vichai bought Leicester City in 2010 and moved to chairman the following February, pouring millions into the team and becoming a beloved figure in the club and the city – a feat not always achieved by the Premier League’ foreign owners.
It was under Vichai’s ownership that Leicester crafted one of the biggest fairytales in English football history by winning the 2015/16 Premier League, having started the season as 5,000-1 outsiders for the title.
Vichai’s investments in the club helped return them to England's Premier League from the second-tier Championship in 2014.
They initially seemed outclassed by richer and more established rival from London, Liverpool and Manchester, languishing at the very bottom of the table for most of the 2014/15 season.
The Foxes, as the team are nicknamed, then engineered what fans now fondly refer to as the “Great Escape”, winning seven of their last nine matches.
They ended up finishing 14th, securing another season in Europe's richest league in 2015/16.
But not even their most devout fans could have imagined what happened next.
Vardy, signed from non-league Fleetwood Town, scored in 11 consecutive matches, propelling the men in blue to a title without parallel in Premier League history.
The success also qualified them for the first time for the lucrative Champions League, the pinnacle of European football played by the continent's most successful sides, including Barcelona and Real Madrid.
There, Leicester City defied the odds yet again, winning their group before eventually losing their quarter-final 2-1 over two legs to Atletico Madrid.